S-29.01 - Act respecting trust companies and savings companies

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146. Where a trust company holds, on behalf of another person, its own shares or shares of a legal person affiliated with it in respect of which it may exercise voting rights or of which it may freely dispose, every decision concerning the vote, the disposition or an offer to purchase shares requires the approval of the board of directors of the company if the aggregate of the shares it holds is equal to or exceeds 10% of the shares of one class or of all the shares of the company or of a legal person affiliated with it.
The reasons for the decision shall be entered in the minutes of the meeting of the board of directors.
1987, c. 95, s. 146.